China is ramping up its efforts to solidify its position as a global tech leader with the creation of its largest-ever semiconductor state investment fund worth $47.5 billion. This move comes amidst escalating tensions with the US, which has imposed stringent restrictions on the export of American chips and chip technology to curb Beijing's technological ambitions.
The fund, supported by investments from six major state-owned banks including ICBC and China Construction Bank, reflects Chinese President Xi Jinping's drive to enhance China's technological prowess. Under the 'Made in China 2025' initiative, Beijing aims to establish dominance in key industries such as artificial intelligence, 5G wireless, and quantum computing.
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